Welcome to a new week here on the Retirement Quick Tips podcast! I’m your host Ashley Micciche, co-owner of True North Retirement Advisors, an independent financial advisory practice managing $340 million in client assets. I’m a Chartered Retirement Planning Counselor, and I started this podcast because I love helping people just like you gain clarity and make a plan for the retirement you envision
The theme this week on the podcast is: New Retirement Plan Limits For 2023
If you’re listening to this podcast, chances are you are over 50 and are in your peak earning years and planning for a secure retirement is high on your priority list, meaning that you probably are willing and able to max out your retirement accounts.
One of the positive effects of inflation is that increases in retirement plan contribution limits are going up dramatically for 2023 - by over 10% for some plan types.
So this week I’ll talk about…
- Increases to contribution limits for workplace plans like 401ks, 403bs, and SIMPLE IRAs. I’ll also talk about what’s changing and what’s not with catchup contributions for the over 50 crowd, changes to Traditional and Roth IRA contribution and income limits, and of course the often forgotten health savings account.
- So stick around this week, and make notes about which of these contribution changes apply to your situation so you can fully take advantage of the new higher limits in all of the retirement accounts you’re planning to fund this year.
That’s it for today. Thanks for listening! Come on back tomorrow…where I’ll talk about the massive increases for your workplace retirement plan in 2023.
My name is Ashley Micciche...and this is the Retirement Quick Tips podcast.
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----------Tags: retirement, investing, money, finance, financial planning, retirement planning, saving money, personal finance